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研報掘金丨浙商證券:復星醫藥國際化漸入佳境,維持“買入”評級

浙商證券研報指出,復星醫藥(600196.SH)2024年實現營業收入410.67億元(YOY-0.80%)。其中,創新產品收入穩步增長。2024年實現經營現金流44.77億元,同比增長31.13%,高於當期經營性利潤的增速, 同時通過資產結構優化和嚴格控制資本性支出等多項措施,實現自由現金流的提升。看好公司成爲國內爲數不多的具有國際化創新藥商業化能力的藥企,也看好公司國際化落地。考慮到2024年仿製藥和IVD集採對收入和業績影響,以及聯營企業國藥控股利潤下降影響,稍微下調對25-26年利潤端預測。考慮到公司正處於創新轉型期,創新藥產品仍處於放量期,維持“買入”評級。

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